Overview
CIT Bank is an online bank that offers a full range of banking services and products. You can use it as your primary bank, and it offers a variety of deposit accounts, mortgages, and financial education services. Or you can take advantage of competitive savings account rates to enhance your overall banking strategy.
Either way, you won’t be subject to minimum deposit requirements to open a new account at CIT Bank, and you’ll never have to pay a monthly service fee. Savers with large balances benefit from higher annual percentage yields (APYs). Plus, there are several attractive yield options that help boost your interest income, no matter how much you need to save.
What CIT Bank like
A wide range of banking products, some at competitive prices.
No monthly account fees or overdraft fees.
Minimum deposit requirements.
Expanded customer service hours.
What CIT Bank don’t like
The maximum savings rate only applies to balances of $5,000 or more.
The variety of products and tiers can be confusing. Customer reviews for the bank’s Android app are poor (though the Apple Store rating is much better).
CIT Bank products
Checking
CIT’s electronic checking account pays interest, which is uncommon in the current checking account landscape. It’s not a huge amount—it’s an annual percentage yield (APY) of 0.10% if your daily balance is less than $25,000 and 0.25% APY if your balance is at least $25,000—but every penny counts. Plus, you won’t pay any monthly service or overdraft fees.
While CIT Bank doesn’t have its own ATMs, it doesn’t charge out-of-network ATM fees. It also reimburses you up to $30 per month for other banks’ ATM fees.
Checking account features
| APY | 0.10% for balances less than $25,000; 0.25% for balances $25,000 and above |
| Minimum balance | $100 to open; no requirement after that |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | 1% of the transaction amount |
Savings
CIT Bank offers three savings accounts: Platinum Savings, Savings Connect, and Savings Builder. If you’re confident you’ll always have at least $5,000 in your account, Platinum Savings is a great choice, as it has a 4.70% APY. However, if your balance falls below that threshold, you’ll only earn 0.25% APY.
The Savings Connect account might be a better choice, as it will give you a 4.35% APY, regardless of your balance. Savings Builder, which only pays a maximum APY of 1.00%, isn’t worth considering.
CIT savings account features
| Account | APY | Minimum balance | Monthly fee |
| CIT Platinum Savings | 4.70% on balances $5,000 and more; 0.25% on balances under $5,000 | $100 to open; no requirement after that | None |
| CIT Savings Connect | 4.35% | $100 to open; no requirement after that | None |
| CIT Savings Builder | 0.40% – 1.00% | $100 to open; must maintain $25,000 balance or make at least one monthly deposit of $100 or more to earn upper-tier interest rate | None |
MMA
While CIT Bank’s savings account tiers can be tough to stick to, its money market account is simple: You just deposit $100 to earn 1.55% APY on your money. While this APY is significantly higher than the national average, it’s still well below the best rates available on money market accounts.
The other major downside is the lack of a debit card or checkbook, essential services offered by most MMAs. You can use online transfers, Zelle, Bill Pay, PayPal, and bank transfers to make payments, but they aren’t as flexible as other money market accounts.
Money market account features
| APY | 1.55% |
| Minimum balance | $100 to open; no ongoing balance requirement |
| Monthly fee | None |
| Overdraft fee | None |
| Foreign transaction fee | N/A (there is no debit card with this product, so no ability to spend outside the U.S.) |
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CDs
CIT Bank offers three short-term CDs with moderately competitive rates, though they are well below the best available rates. However, longer-term CDs — two years or more — have significantly lower earning potential. A minimum deposit of $1,000 is also required to get started. For traditional CDs, CIT Bank’s early withdrawal penalty structure can be quite steep:
Maturity less than one year: Three months of interest on the amount withdrawn.
Maturity one to three years: Six months of interest on the amount withdrawn.
Maturity over three years: 12 months of interest on the amount withdrawn.
If you’re worried you’ll need your money before the CD matures, CIT Bank’s 11-month penalty-free CD is a good option. However, the bank’s other specialty CDs aren’t a good fit for most people. Commissions are lower on jumbo CDs, which require a minimum deposit of $100,000, and ramp-up CDs are not available to new customers.
CD account type
| CD term | APY |
| 6-month | 3.00% |
| 1-year | 0.30% |
| 13-month | 3.50% |
| 18-month | 3.00% |
| 2-year | 0.40% |
| 3-year | 0.40% |
| 4-year | 0.50% |
| 5-year | 0.50% |
Specialty CDs
| CD account features | APY |
| 11-month no-penalty CD | 3.50% |
| Jumbo CD | 0.40% – 0.50% |
| RampUp CD (only available to existing customers) | 0.25% |
Who is CIT Bank good for?
If you want to avoid fees and get competitive rates on your savings or checking accounts and have a completely online experience, CIT Bank is worth a look. Bank certificates of deposit can be a good solution, but only if you want to invest your money for a short period of time. If you invest in long-term CDs (any account with a term of two years or more), CIT Bank doesn’t offer competitive yields.
Banking experience
CIT Bank has received poor customer reviews: 1 out of 5 stars on Consumer Affairs and 2 out of 5 stars on Trustpilot. The main complaints are that transfers can take several days and customer service wait times can be long. Additionally, the bank’s Android app can also be clunky, which can be frustrating, especially if your banking experience is entirely digital.
Overdraft fees
CIT Bank does not charge overdraft fees.
Customer Service
You can contact CIT Bank customer service by sending a secure message through your online banking or mobile banking platform. If you would like to speak to a customer service representative, you can call 855-462-2652 during the following hours:
Monday through Friday: 9:00 a.m. to 9:00 p.m. TO
Saturday: 10:00 a.m. to 6:00 p.m. TO
Sunday: Closed